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Co-investments | 3 Months Ended
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Mar. 31, 2022
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
Co-investments | Co-investments The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments, including BEXAEW, LLC ("BEXAEW"), BEX II, LLC ("BEX II"), BEX IV, LLC (""BEX IV"), 500 Folsom, Wesco I, LLC ("Wesco I"), Wesco III, LLC ("Wesco III"), Wesco IV, LLC ("Wesco IV"), Wesco V, LLC ("Wesco V"), and Wesco VI, own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of March 31, 2022 and December 31, 2021 are as follows ($ in thousands, except parenthetical amounts):
| Weighted Average Company Ownership Percentage (1) |  | March 31, 2022 |  | December 31, 2021
Ownership interest in: |  |  |  |  |
Wesco I (2), Wesco III, Wesco IV, Wesco V, and Wesco VI | 52 | % |  | $ | 221,781 |  |  | $ | 168,198 |
BEXAEW, BEX II, BEX IV, and 500 Folsom | 50 | % |  | 267,338 |  |  | 270,550 |
Other (3) | 52 | % |  | 112,548 |  |  | 126,503 |
Total operating and other co-investments, net |  |  | 601,667 |  |  | 565,251 |
Total development co-investments | 50 | % |  | 11,836 |  |  | 11,076 |
Total preferred interest co-investments (includes related party investments of $72.6 million and $71.1 million as of March 31, 2022 and December 31, 2021, respectively) |  |  | 502,193 |  |  | 565,930 |
Total co-investments, net |  |  | $ | 1,115,696 |  |  | $ | 1,142,257 |
(1) Weighted average Company ownership percentages are as of March 31, 2022. (2) As of March 31, 2022, the Company's investment in Wesco I was classified as a liability of $28.7 million due to distributions in excess of the Company's investment. (3) As of March 31, 2022, the Company's investment in Expo was classified as a liability of $0.2 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands):
| March 31, 2022 |  | December 31, 2021
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 4,666,950 |  |  | $ | 4,603,465 |
Other assets | 342,271 |  |  | 278,411 |
Total assets | $ | 5,009,221 |  |  | $ | 4,881,876 |
Debt | $ | 3,199,607 |  |  | $ | 3,046,765 |
Other liabilities | 167,238 |  |  | 200,129 |
Equity | 1,642,376 |  |  | 1,634,982 |
Total liabilities and equity | $ | 5,009,221 |  |  | $ | 4,881,876 |
Company's share of equity | $ | 1,115,696 |  |  | $ | 1,142,257 |
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 84,600 |  |  | $ | 71,759 |  |  |  |  |
Property operating expenses | (35,793) |  |  | (27,331) |  |  |  |  |
Net operating income | 48,807 |  |  | 44,428 |  |  |  |  |
Interest expense | (18,302) |  |  | (16,700) |  |  |  |  |
General and administrative | (3,967) |  |  | (4,281) |  |  |  |  |
Depreciation and amortization | (38,807) |  |  | (32,709) |  |  |  |  |
Net loss | $ | (12,269) |  |  | $ | (9,262) |  |  |  |  |
Company's share of net income (2) | $ | 21,171 |  |  | $ | 17,011 |  |  |  |  |
(1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $1.8 million and $2.3 million for the three months ended March 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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